Teekay (NYSE:TK) Hits New 52-Week High - What's Next?

Key Points

• Teekay reached a new 52-week high of $14.39, trading about 2% higher, with a market capitalization of approximately $1.25 billion.
• Analysts upgraded the stock to “Buy,” while Teekay’s latest quarterly earnings of $0.79 per share substantially exceeded the $0.11 consensus estimate.
• Insiders sold 126,549 shares worth roughly $1.5 million over the past 90 days, although institutional investors collectively own 46.73% of the company.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $14.39 and last traded at $14.3810, with a volume of 626945 shares changing hands. The stock had previously closed at $14.10.

Analyst Ratings Changes

A number of research firms recently weighed in on TK. Wall Street Zen upgraded shares of Teekay from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Weiss Ratings raised shares of Teekay from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Teekay currently has a consensus rating of "Buy".

Teekay Trading Up 2.0%

The firm has a market capitalization of $1.25 billion, a PE ratio of 6.91 and a beta of 0.25. The business has a fifty day moving average price of $11.95 and a two-hundred day moving average price of $12.19.

Teekay (NYSE:TK - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.68. Teekay had a net margin of 15.78% and a return on equity of 7.91%. During the same period last year, the company posted $0.22 EPS.

Insiders Place Their Bets

In other Teekay news, Director Heidi Simon sold 18,119 shares of the company's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $12.37, for a total transaction of $224,132.03. Following the transaction, the director directly owned 47,582 shares in the company, valued at $588,589.34. This represents a 27.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brody Speers sold 2,350 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $13.10, for a total value of $30,785.00. Following the transaction, the chief financial officer directly owned 1,014 shares in the company, valued at approximately $13,283.40. The trade was a 69.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 126,549 shares of company stock worth $1,494,823 over the last ninety days. Corporate insiders own 2.38% of the company's stock.

Institutional Trading of Teekay

Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Teekay by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,460 shares of the shipping company's stock valued at $213,000 after buying an additional 1,404 shares during the last quarter. Diversified Trust Co boosted its position in Teekay by 8.9% during the first quarter. Diversified Trust Co now owns 28,128 shares of the shipping company's stock worth $343,000 after acquiring an additional 2,306 shares during the last quarter. Empowered Funds LLC boosted its position in Teekay by 0.5% during the fourth quarter. Empowered Funds LLC now owns 473,886 shares of the shipping company's stock worth $4,279,000 after acquiring an additional 2,382 shares during the last quarter. Savant Capital LLC grew its stake in Teekay by 22.2% in the 4th quarter. Savant Capital LLC now owns 13,355 shares of the shipping company's stock worth $121,000 after acquiring an additional 2,423 shares during the period. Finally, Verition Fund Management LLC grew its stake in Teekay by 7.0% in the 4th quarter. Verition Fund Management LLC now owns 38,408 shares of the shipping company's stock worth $347,000 after acquiring an additional 2,500 shares during the period. 46.73% of the stock is currently owned by hedge funds and other institutional investors.

About Teekay

Teekay Corporation NYSE: TK is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay's core business is organized into three operating segments.

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